My ex-wife and I are still named together on a mortgage. If I have been making payments alone for over 2 years, do I need her to be insured?
To save money, I have cancelled the insurance on the mortgage. I have paid for the house for over 2 years, since my ex-wife and I separated. She has been diagnosed with severe mental health problems and is also on a debt management scheme for her debts of over £10k (which she accrued after the split), while she also has no job and is living in a shelter. If I were to die, and there is no payment insurance, I think the bank would write off the debt for her, given her circumstances, while if anything happened to her, I would be in no different a financial situation than I am now. Do I really need mortgage insurance for both of us?